Asia Pacific Animal Healthcare Market size crossed USD 28.1 billion in 2020 and is set to observe around 5.7% growth rate between 2021 to 2027.
Animal healthcare is a medical disciple that emphasizes on the prevention, detection, control, and therapeutics associated with veterinary diseases, disorders, and injuries. Animal healthcare covers broad spectrum of animal species, including the domesticated and wild, with an extensive range of conditions that affect several species. The increasing disease burden among animals owing to zoonoses and infectious disease outbreaks is anticipated to facilitate the animal healthcare practice. Moreover, the rising adoption of pets, implementation of supportive initiatives by the government, and proliferated demand for animal products including meat will accelerate the market growth.
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The soaring pet adoption in emerging markets is projected to spur the Asia Pacific animal healthcare market demand. The number of pet animals are being adopted increasingly, mainly for companionship has surged substantially in recent years. As per a news article, the number of pets in China increased exponentially indicating approximately 130% growth. The estimates further suggest that the pet population is projected to show similar trend and expand with an 8.2% growth rate in coming years.
Asia Pacific Market, By Product
The pharmaceuticals segment size in the Asia Pacific animal healthcare market is predicted to reach USD 10.3 billion by 2027, owing to the surging prevalence of infectious diseases and supportive initiatives launched by public organizations. According to the Interopen Journal, Leptospirosis disease is a global concern for animals usually affecting approximately 350,000 cases every year. The disease has significant mortality rate with around 10% to 50% deaths among the severely affected cases. The increasing prevalence of such diseases is set to promote the demand for effective therapeutics and control mechanism, thereby driving the need for vaccines.
Asia Pacific Market, By Animal Type
Companion animals segment dominated around 58% Asia Pacific animal healthcare market share in 2020. This dominant segment share is pertaining to the rising pet adoption and pet care expenditure in the region. According to an online pet portal, the Goumin.com, in 2019, the pet care expenditure concerning cats and dogs was estimated to be approximately USD 29 billion (CNY 202 billion). Moreover, this figure indicates around 18.5% surge in the expenses as compared to its previous year.
Asia Pacific Market, By Distribution Channel
The online distribution channel segment in the Asia Pacific animal healthcare market is set to value at more than USD 8 billion by the end of 2027. This notable segment revenue growth is majorly credited to the increasing demand for e-commerce portals with discounts, convenience, and wide range of options provided by online portals. The emergence of direct-to-consumer (DTC) brands and the accelerated demand for door-step delivery due to COVID-19 pandemic is set to benefit the online segment significantly.
As per a research survey, the online pet food purchasing practice has experienced an incremental 53% growth as compared to the brick-and-mortar stores. Moreover, the rise in mobile payments and significant smartphone penetration will further drive the segment growth. For instance, increasing popularity of eCommerce in China has promoted the growth of mobile payments. eCommerce is increasingly popular among smartphone users that allows quick mobile payments. The transition among consumers and surging preference for online purchasing provides ample business opportunities for prominent players to capitalize on convenience, experience, and preference of the user.
Asia Pacific Market, By Country
China animal healthcare market is anticipated to surpass USD 8.1 billion revenue by 2027, impelled by the increasing adoption of pets, high meat consumption, and rapid growth of online distribution channel in the country. For instance, according to a research article, number of pet cats in China increased exponentially from 21.9 million in 2013 to 68.5 in 2017 and is poised to reach 171 million by 2022. The number of dogs also surged from 55.4 million in 2013 and are expected to reach around 136 million by 2022.
Competitive Industry Landscape
Prominent companies operating in the Asia Pacific animal healthcare market include Elanco Animal Health, Bayer AG, Boehringer Ingelheim, Merck & Co., Inc., Zoetis, Inc., Dechra Pharmaceuticals, and Neogen Corporation, among others.
These market players are implementing several organic and inorganic strategies such as product launches and partnerships for garnering maximum market share and strengthening their industrial presence. For instance, in February 2019, GNA Biosolutions and Boehringer Ingelheim collaborated to develop a rapid African swine fever (ASF) diagnostic test. The test is intended to use in conjunction with GNA Biosolution’s portable molecular diagnostic system. This collaboration assisted the company to fasten the product development process and offer competitive advantage.